Reginald Bowser, who founded RolloverSystems and built the company to more than 40 employees, is no longer the chief executive officer of the company.
Robert Johnson, the owner of the NBA Charlotte Bobcats and chairman of the board at RolloverSystems, announced the sudden change on Tuesday. RLJ Companies, which Johnson owns, is the largest stockholder in the firm.
No reason was disclosed for the change. Bowser has been asked to remain on the board and is still a major stockholder in the company, a Johnson spokesperson told The Charlotte Observer.
RolloverSystems has developed proprietary technology for the rollover of 401k retirement plans. The company was recently awarded a patent for its process.
Lisa Pickrum, chief operating officer of RLJ Companies, will replace Bowser on an interim basis.